14 Indian Startups Making News This Week (28 May -03 June 2018)

05/06/2018

Consumer Internet Industry

1) Pine labs founded by Vicky Bindra: Pine Labs secured $125 million in funding from Temasek and PayPal Holdings. The investments will help them to move a step closer to their vision for building a world-class merchant-centric payments ecosystem.

2) Qtrove founded by Vinamra Pandiya: Bengaluru-based curated marketplace QTrove raised $51.57 million in funding from Springboard Ventures, an investment arm of Bennett, Coleman & Co Ltd (BCCL). The startup plans to deploy the funding to further intensify their marketing, customer acquisition efforts and vendor network through BCCL’s stable of print, television, radio and digital media.

3) MobileWalla founded by Anindya Datta and Jay Clark: Kolkata-headquartered MobileWalla, the US-based next-generation consumer data company, raised $12.5 million in a Series B funding round led by New York-based GCP Capital with participation from its existing investor, Madrona Venture Group, and a new investor, ATW Partners. The startup is viewing to grow its data science team, boost its ability to take strategic data acquisitions from partners, and make them even better and more specific.

4) Myforexeye founded by Anand Tandon: Delhi-based Myforexeye, full-service Forex startup raised Bridge round funding of $500K from InRhythm Energy Ltd. The Indian startup plans to utilize the funding for technology advancement, new product lineups and geographical expansion across the country.

Technology Industry

5) Aidia Technovations founded by Jigish Sonagara: Aidia Technovations raised an undisclosed amount of funding from the clutch of investors. The startup plans to use funds for team expansion, technology, content creation and branding for its extra curriculum marketplace, imd1 (I Am The 1).

6) Stellapps founded by Jinesh Shah, Praveen Nale, Ranjith Mukundan, Ravishankar Shiroor and Venkatesh Seshasayee: Bengaluru-based dairy-tech startup Stellapps added Bill and Melinda Gates Foundation and IndusAge Partners to its list of investors, raised $14 million. Other investors that participated in the funding round are Qualcomm Ventures and ABB Technology Ventures. The IoT-focussed startup will use the funding for product development and expansion.

Fintech Industry

7) Acko founded by Varun Dua: Online-only insurance startup Acko secured $12 million funding from Amazon in participation with Ashish Dhawan, the founder of private equity firm ChrysCap, and Catamaran Ventures. The Indian startup plans to use the funds to beef up its technology. It’s greatly tech-intensive, both, operationally and technology-wise, to set up rights across the country.

8) CoinTribe founded by Amit Sachdev, Manish Chaudhari, Manish Chaudhari and Rohit Lohia: Gurugram-based online lending startup CoinTribe for salaried individuals and business professionals has raised $10 million in a Series B funding round led by Sabre Partners. The Indian startup will use the new capital to enhance its credit underwriting algorithm, expand to new markets, and develop its technology base.

9) CredRight founded by Neeraj Bansal: Accion Venture Lab and YourNest along with a few other prominent angels mutually invested $1.3 million in the Hyderabad-based fintech startup CredRight. The company will be utilizing the funds towards onward lending with NBFCs or banks, strengthen AI or ML credit algorithm, further enhancement of tech platform, expand reach to more than 25 cities or towns as well as towards hiring & building a world-class team.

10) Orowealth founded by Nitin Agrawal, Swati Aggarwal, Vijay Kuppa and Yogesh Powar: Mumbai-based direct mutual funds investment platform Orowealth raised $1.6 million in Series A Funding from Powerhouse Ventures. Money Forward Inc, Social Capital, B Dash Ventures, Anand Chandrsekaran (Airtel ex-CPO), Dinesh Agarwal (founder Indiamart), along with existing investors M&S Partners and GSF also participated in this funding round. The startup plans to use the funds towards product innovation and to strengthen its research capabilities besides focusing on shaping alliances with partners.

11) Toffee Insurance founded by Nishant Jain and Rohan Kumar: Digital-only insurance platform Toffee Insurance secured $1.5 million in a Seed funding round led by Kalaari Capital, Omidyar Network and Accion Venture Lab. The company plans to use the funds to focus on product development and create efficiencies in channel approach as well as expanding its team. The startup also intends to build a strong insurtech team with capabilities across data science, machine learning and AI.

Agritech Startup

13) FarmFolks founded by Lakshmipriyan VG: Bengaluru-based agritech startup FarmFolks raised an undisclosed amount of funding from Menterra Social Impact Fund and Artha Venture Challenge. The Indian startup plans to use the funding to invest in infrastructure and expand reach to cover additional products and geographies.

Food Industry

14) YCook founded by Gayathri Swahar, Janardhan Swahar and Vijay Reddy: Bengaluru-based organic, ready-to-cook processed food startup, YCook raised $5 million in a Series B round of funding from Binny Bansal backed venture capital firm, 021 Capital and Netherlands-based impact fund Oikocredit. The startup plans to use the funding to continue expanding its reach, accelerate product growth and innovation and invest in marketing.

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